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FxWirePro: South African rand remains almost flat after whole econ PMI data

  • USD/ZAR is currently trading around 12.60 levels.
  • It made intraday high at 12.67 and low at 12.57 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 12.50 mark.
     
  • A daily close above 12.70 will take the parity higher towards key resistances around 12.78, 12.86, 12.96 and 13.15 marks respectively.
     
  • Alternatively, a daily close below 12.58 will drag the parity down towards key supports at 12.42, 12.30, 12.20, 12.02, 11.94, 11.84, 11.70, 11.62 and 11.53 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on USD/ZAR  only above 12.73, stop loss at 12.54 and target of 12.96/13.15.

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